OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Communities (IAC), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (Inland American), today announced the company’s acquisition of two fully-developed student housing properties, The Retreats, from Landmark Properties for $94.6 million. The two properties, located in Florida and North Carolina, contain a total of 1,264 beds with premier amenities such as resort style swimming pools with movie screens, basketball courts, tanning beds, game rooms, grilling areas and sand volleyball courts.
“Also, the location of these assets at top universities such as Florida State University and North Carolina State University give us market diversification while maintaining our property management efficiencies in the Southeast region.”
"The Retreat properties are great additions to our portfolio as we continue to execute on our strategy to double the size of our student housing segment through the development and acquisition of best-in-class properties," said Travis Roberts, president of Inland American Communities. "Also, the location of these assets at top universities such as Florida State University and North Carolina State University give us market diversification while maintaining our property management efficiencies in the Southeast region.”
The Retreat properties are cottage-style student housing communities. Unlike other student living, they provide a true neighborhood atmosphere with unique designs and unsurpassed amenity packages. Each apartment offers luxuries including nine-foot ceilings, full-sized washer/dryers, large closets, patios and high speed internet. The properties opened in 2012 and enrollment at both universities is expected to increase eight percent over the next five years.
The Retreat in Tallahassee, FL – Florida State University
Located 1.7 miles from Florida State University, a half-mile north of Tallahassee Community College and four miles northwest of Florida A&M University, The Retreat is in close proximity to over 70,000 students in the Tallahassee market. The property contains 710 beds with a 9,500-square-foot club house featuring a catering kitchen, pool tables, foosball and flat screen TVs. In addition, The Retreat offers 764 parking spaces for residents and their guests. The property is 99 percent leased for the 2012 – 2013 school year.
The Retreat in Raleigh, NC – North Carolina State University
Located 2.5 miles from North Carolina State University, the largest university in North Carolina with a total enrollment of 34,767 students, The Retreat contains 554 beds with a 9,000-square-foot club house with a catering kitchen, pool tables, foosball and flat screen TVs. In addition, the property offers 557 parking spaces for residents and their guests. The Retreat is 93 percent leased for the 2012 – 2013 school year.
IAC will market both properties under the nationally recognized University House brand. IAC’s strategic approach involves substantial long-term investments in carefully chosen markets, working in partnership with each university to enhance the university community environment with innovative, off-campus housing.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of September 30, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 887 properties, representing approximately 48 million square feet of retail, industrial and office properties, 8,564 multi-family units and 16,098 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
About Inland American Communities
Inland American Communities Group, Inc. is a development, acquisition and management firm dedicated to the creation of authentic communities in university markets across the United States. Inland American Communities was formed in 2007 as a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. Inland American Communities is headquartered in Dallas, Texas and currently owns and manages 9 properties and 5,200 beds. With active projects in multiple markets nationwide, Inland American Communities remains committed to a market-driven, customer-focused strategy. The management team’s experience in development, acquisition, operations and financing are combined with the capital resources of the Inland American REIT, resulting in a depth of expertise and financial strength unsurpassed in the industry. Most of the university communities are marketed under the nationally recognized University House brand, and all are developed and managed with the highest standards.